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Saturday, February 1, 2014

Gambian currency registers highest depreciation in three years

Gambian currency notes

The Gambian
currency, the Dalasi, continues to be weakened and lose value against all the
major international currencies, the report of the Monetary Policy Committee
(MPC) of the Central Bank of The Gambia has said.

The report which was released on Friday
during the quarterly meeting of the Committee, states that the Dalasi depreciated
significantly in the second half of 2013.The currency was generally stable in the first half of the year though.

“As at end-December 2013, the Dalasi
depreciated against the US Dollar by 14.8 per cent, Euro 21 per cent and Pound
Sterling 14.8 per cent from December 2012,” the report says.

The report indicates by the end of
December 2013, the Dalasi registers the highest depreciation in three
years.This is due to the fact in nominal
effective exchange rate terms, the currency depreciated by 15.1 per cent as at
end-December 2013; this higher than the 13.5 per cent, and 7.3 per cent depreciation
registered in 2012 and 2011, respectively.

The depreciation of the Dalasi was
partly the result of reduced foreign exchange receipts, coupled with strong
demand owing in part to the high level of liquidity in the economy.

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About Me

The Publisher of this blog - Lamin Jahateh - is a professional journalist, with many years experience in journalism. Mr. Jahateh attended both national and international trainings on journalism. He is an executive member of many professional organisations, including Network of Journalists Against Money Laundering and Terrorist Financing in West Africa, Freedom House - The Gambia Chapter, Young Journalist Association of the Gambia, etc